v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Lessee Leases Leases
The Company enters into lease agreements that are primarily used for office space. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the term of the lease. The Company occasionally assumes equipment lease agreements through business acquisitions. These leases are accounted for as finance leases.

Included in a portion of the Company's current leases are options to extend or cancel the lease term. The exercise of such options is solely at the Company's discretion. The lease liability recorded in the unaudited Consolidated Balance Sheets includes lease payments related to options to extend or cancel the lease term if the Company determined at the inception date that the lease was expected to be renewed or extended. The Company, in determining the present value of lease payments, utilized the average rate over a 10-year term based upon the Moody's seasoned Aaa corporate bond yields, as explicit rates of interest were not readily determinable in the lease contracts. The Company does not carry debt; thus, no incremental borrowing rate was available to the Company.

Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s leases is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Operating leases$553 $491 $1,087 $1,158 
Finance leases:
Amortization of lease assets36 145 84 207 
    Interest on lease liabilities4 — 8 — 
Lease expense$593 $636 $1,179 $1,365 
Sub-lease income(22)(22)(43)(65)
Lease cost$571 $614 $1,136 $1,300 

Components of the lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
(in thousands)As of
June 30, 2026		As of
December 31, 2025
Current:
Operating lease liabilities$1,776 $1,548 
Finance lease liabilities154 130 
Non-current:
Operating lease liabilities6,588 6,116 
Finance lease liabilities199 256 
Total lease liabilities$8,717 $8,050 

The future minimum lease payments for leases that have initial or remaining noncancelable lease terms in excess of one year as of June 30, 2026, are summarized as follows:
Year Ended (in thousands)Operating
Leases		Finance
Leases		Total
2026$1,052 $84 $1,136 
20271,862 153 2,015 
20281,432 98 1,530 
20291,347 29 1,376 
20301,242 9 1,251 
Thereafter2,502 — 2,502 
Total undiscounted payments$9,437 $373 $9,810 
Less: present value adjustment(1,074)(19)(1,093)
Lease liabilities$8,363 $354 $8,717 
Supplemental lease information is as follows:
As of
June 30, 2026		As of
December 31, 2025
Weighted average remaining lease term (years)
Operating leases5.886.38
Finance leases2.512.65
Weighted average discount rate
Operating leases4.0 %4.1 %
Finance leases4.5 %4.5 %

The Company does not have any material pending operating or financing lease agreements that become effective in future periods.